Carbios and Wankai New Materials, a subsidiary of China’s third-largest PET producer, Zhink Group, have signed a definitive agreement for a strategic, long-term partnership to deploy Carbios’ cutting-edge PET biorecycling technology across Asia. The initial focus is on the construction of a flagship plant in China.
The JV:
The core of the biorecycling plant partnership is a joint venture (JV) formalized to build and operate the first facility in China dedicated to Carbios’ enzymatic PET depolymerization process.
Capacity and Location: The plant will have an annual processing capacity of 50,000 tons of PET waste and will be located in Haining (Zhejiang province), utilizing existing infrastructure on a Wankai-provided site to reduce investment costs.
Ownership and Funding: Wankai will hold a 70% majority stake in the JV, with Carbios holding 30%. The estimated €115 million construction cost will be financed by 30% equity and 70% debt, with all debt guaranteed by Wankai.
Timeline, technology, and expansion:
Construction is projected to begin in the first quarter of 2026, with commissioning targeted by the first quarter of 2027.
The agreement also includes a license agreement for Carbios’ PET depolymerization technology to be granted to the JV. This initial facility is the first step in a broader long-term ambition.
Carbios has granted Wankai exclusive rights to license its technology in Asia for an initial three-year period, conditional on Wankai committing to sign licenses for at least 100 kilotons per year (kt/year) of additional capacity. This term is extendable based on further capacity commitments.
To cement the alliance, Wankai has committed to a €5 million capital increase in Carbios’ share capital by June 2, 2026.
Vincent Kamel, CEO, Carbios, said the agreement is a “major strategic partnership with Zhink Group” and a “decisive step forward to accelerate the international deployment of our technology, a key innovation in the fight against plastic pollution.”
The deployment of the licensing model is seen as a major milestone for building a more sustainable future by introducing a more circular PET industry model.
